Understanding card payment processes and using the tools available is crucial for businesses.
- Payment lifecycle provides instant updates on transaction events, such as chargebacks, allowing for quick problem resolution and improved customer support.
- Card tokenization improves payment security by replacing sensitive data with network tokens, reducing fraud risks and increasing authorization rates.
- ECI, AVS, and CVV codes provide detailed information about transactions, helping troubleshoot issues.
Webhooks notify merchants of key real-time events such as refunds, cancellations, and chargebacks, helping optimize payment processes and manage risk.
Address Verification Service (AVS) and Card Verification Value (CVV) codes play a key role in reducing fraud in card-not-present transactions.
Together, these codes reduce fraud, enhance transaction security, and minimize chargebacks in card-not-present transactions.
Electronic Commerce Indicator (ECI) values signify the authentication level of a transaction, influencing both the authorization process and the extent of liability protection afforded to it.
Understanding and correctly applying ECI codes is critical as it affects transaction risk management and determines liability for unauthorized charges.